Akshay Shah’s Hedge Fund Returns 48% on Distressed Debt Bets

Kyma Capital, a hedge fund run by Akshay Shah, delivered 48% net returns to investors last year, betting on distressed companies needing to address their debt piles, according to people with knowledge of the matter.

That marked the London-based investment firm’s best yearly performance since it started trading in early 2019, the people said, asking not to be identified. The biggest contributor to the gains was a bet on Swiss pharmaceutical company Idorsia, with Kyma among its largest creditors, the people said.